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Corporate Compliance Calendar for March 2021 : GST, Income Tax, Company Law, SEBI and RBI

Corporate Compliance Calendar For The Month of March 2021 contains Compliance Requirement Under Income Tax Act, 1961, Goods & Services Tax Act, 2017 (GST), Other Statutory Laws, Foreign Exchange Management Act, 1999 (FEMA), SEBI (Listing Obligations And Disclosure Requirements) (LODR) Regulations, 2015, SEBI (Depositories and Participants) Regulations 2018), SEBI Takeover Regulations 2011, SEBI (Prohibition of Insider Trading) Regulations, 2015, SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, SEBI (Buyback of Securities) Regulations, 2018, Companies Act, 2013 (MCA/ROC and LLP Compliance), Due dates of LLP Return Filing, Due dates of ROC Return Filings, Mutual FUnd related updates, Insolvency and Bankruptcy Board of India (IBBI) Updates, NCLT & NCLAT Updates, MSME Key Updates, and Investor Education and Protection Fund.

This article contains various Compliance requirements for the Month of March 2021 under various Statutory Laws.

Compliance Calendar For Income Tax Act, 1961

Sl.  Compliance Particulars  Due Dates
1 Due date of depositing TDS/TCS liabilities for the previous month. 07-03-2021
 

2

Equalisation Levy is a direct tax, which is withheld at the time of payment by the service recipient where the annual payment made to one service provider (Non-Residents only)  exceeds Rs. 1,00,000 in one financial year for the specified and notified services. 07-03-2021
3 Due date of Fourth instalment of advance tax for FY 2020-21

last date of depositing the fourth installment of advance tax (if liable to pay any) for FY 2020-21. It is also the due date for making payment of advance tax by those individuals who are covered under the presumptive taxation scheme under sections 44AD and 44ADA.

15-03-2021
 

4

Deadline for filing revised/Belated ITR with cost of Rs.10,000 (Note: no benefit of filing belated or revised return of FY 2020-21will be available)

once this deadline is missed then you will not be able to file ITR for FY2019-20, nor you be able to file revised ITR for FY 2019-20. You will be liable to pay late filing fee of Rs 10,000 for filing belated ITR.

31.03.2021
5 Not linking  PAN with AADHAAR will lead to inoperative of PAN 31.03.2021
 

6

Due date of payment of final amount of advance tax for FY 2020-21 (100% of Tax Liability) 31.03.2021
 

7

Filing quarterly statement of TDS/TCS deposited for Q1 and Q2 for FY 2020-21 (Extended Date) 31.03.2021
8 Vivad se Vishwas Scheme – Settling tax disputes between individuals and the income tax department 31.03.2021
S9 Date for passing of order or issuance of notice by the authorities and various compliances under various direct taxes & Benami Law 31.02.2021

Notes:

  • The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020 has extended due dates for compliance falling during the period from 20-03-2020 to 31-12-2020. Readers are requested to please check the relevant documents from below links:
The Taxation and Other Laws (Relaxation and Amendment of Certain Provisions) Act, 2020. Click here
Notification No. 88/2020 [F. No. 370142/35/2020-TPL] / SO 3906(E) dated 29 October, 2020. Click here
  • Importatnt updates:
  1. Govt may tweak 2% equalisation levy to provide relief to local traders

The Central Board of Direct Taxes (CBDT) may tweak the equalization levy imposed on the sale of goods or services carried out using a non-resident e-commerce operator.

Currently, a levy of 2 percent is paid by non-resident e-commerce operators on the gross amount of the transaction. However, experts believe the imposition of a levy results in double taxation in cases where the buyer and the seller are both resident Indians but carry out a transaction using a non-resident e-commerce platform like Amazon.

  1. No TDS on buying property under liquidation: NCLAT

In the case between S Kumars Nationwide and Chief Commissioner of Income Tax, the NCLAT ruled the liquidator is not required to prepare a balance sheet and profit & loss account and get it audited during the liquidation process.

Liquidation of companies is set to get easier with the National Company Law Appellate Tribunal throwing out taxman’s claims that the liquidator has to get tax deducted at source while liquidating a bankrupt company.

Any buyer of property from a liquidator under Insolvency and Bankruptcy Code, 2016 shall not be required to deduct and pay 1% TDS from the sale consideration under Section 194-IA of the Income-tax Act, 1961

  1. Govt extends deadline for filing declarations under Vivaad Se Vishwas scheme till Mar 31

The government has extended the last date for availing of the direct tax Vivaad Se Vishwas dispute resolution scheme to March 31, 2021, from the earlier date of February 28. This is the fifth extension of the scheme.

Those willing to settle their tax disputes under the Direct Tax Vivad Se Vishwas Act can file their declarations till March 31 and pay the settled tax amount by April 30, 2021, the Central Board of Direct Taxes said in a notification Friday.

  • Important Notifications – For the month of February – 2021:
Sl. No. Particulars of the Notification(s) File No. / Circular No. Notification Link(s)
1. ​CBDT extends due date for filing DTVSV Forms till 28th Feb 2021. Notification No. 04/2021/ F.No. IT(A)/01/2020-TPL LINK
2. Extended Due date for filing ITRs requiring Tax Audit Report is 15th Feb 2021. Update LINK
3. Income Tax Department conducts searches in Assam Press Release LINK
 4. Income Tax Department conducts searches in Kolkata Press Release LINK
 5. Tax Updates – Budget 2021 Press Release LINK
6. ​sharing of information with “CEO, Center for e-Governance, Govt. of Karnataka​” Notification No. 05/2021 LINK
7 Extended Due date for filing ITRs requiring Tax Audit Report is 15th Feb 2021. Update LINK
8 Income Tax Department conducts searches in Bengaluru Press Release LINK
9 DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore Press Release LINK
10 DGGI Gurugram arrests man for fraudulently availing input tax credit of Rs 376 crore through 7 fake firms Press Release LINK
11 CGST Officials arrest one after busting network of 46 fake firms involved in fake input tax credit of Rs 82.23 crore Press Release LINK
12 ​ The Faceless Assessment (1stAmendment) Scheme, 2021 [Notification No. 6/2021/F. No. 370149/154/2019-TPL LINK
13 Amendments in the notification videnumber S.O 3265 (E), dated the 12th September, 2019 Notification No. 7/2021/F. No. 370149/154/2019-TPL LINK
14 Clarification issued by Department Notification No. 8 /2021 F.No. 300196 /35/2019-ITA-I LINK
15 DGGI Gurugram arrests man for fraudulently availing input tax credit of more than Rs 69 crore Press Release LINK
16 DGGI Gurugram arrests man for fraudulently availing input tax credit of Rs 376 crore through 7 fake firms Press Release LINK
17 CGST Officials arrest one after busting network of 46 fake firms involved in fake input tax credit of Rs 82.23 crore Press Release LINK
18 Amendments in Direct Tax Vivad se Vishwas Act [Notification No. 09/2021/ F.No. IT (A)/01/2020-TPL LINK

GST Compliance Calendar 

Filing of GSTR –3B

GSTR 3B Due Dates for May 2020

  • Taxpayers having aggregate turnover > Rs. 5 Cr. in preceding FY
Tax period Due Date No interest payable till Interest payable @ 9% from & till Interest payable @ 18% from
February, 2021 20th March,

2021

  • Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group A)
Tax period Due Date No interest payable till Interest payable @ 9% from & till Interest payable @ 18% from
February, 2021 22nd March,

2021

Group A States: Chhattisgarh, Madhya Pradesh, Gujarat, Maharashtra, Karnataka, Goa, Kerala, Tamil Nadu, Telangana, Andhra Pradesh, Daman & Diu and Dadra & Nagar Haveli, Puducherry, Andaman and Nicobar Islands, Lakshadweep
  • Taxpayers having aggregate turnover upto Rs. 5 crores in preceding FY (Group B)
Tax period Due Date No interest payable till Interest payable @ 9% from & till Interest payable @ 18% from
February, 2021 24th March,

2021

Group B States:  Himachal Pradesh, Punjab, Uttarakhand, Haryana, Rajasthan, Uttar Pradesh, Bihar, Sikkim, Arunachal Pradesh, Nagaland, Manipur, Mizoram, Tripura, Meghalaya, Assam, West Bengal, Jharkhand, Odisha, Jammu and Kashmir, Ladakh, Chandigarh, Delhi
  • Filing Form GSTR-1:
Tax period Due Date Remarks
Monthly return

(February 2021)

11.03.2020 Taxpayers having an aggregate turnover of More than Rs. 1.50 Crores (> Rs 1.50 Cr) or opted to file Monthly Return
  • Non-Resident Tax Payers, ISD, TDS & TCS Taxpayers
Form No. Compliance Particulars Timeline  Due Date
GSTR-5 & 5A Non-resident ODIAR services provider file Monthly GST Return 20th of succeeding month 20.03.2020
 

GSTR -6

Every Input Service Distributor (ISD)  

13th of succeeding month

 

13.03.2020

 

GSTR -7

Return for Tax Deducted at source to be filed by Tax Deductor  

10th of succeeding month

 

10.03.2020

 

GSTR -8

E-Commerce operator registered under GST liable to TCS 10th of succeeding month 10.03.2020
  • GST Annual Returns:
Form No. Compliance Particulars Due Date (New)

 

GSTR-9  (FY 2019-20) Taxpayers having an aggregate turnover of more than Rs. 2 Crores or opted to file Annual Return. 31.03.2021
GSTR-9C (FY 2019-20) Reconciliation Statement/ Audit Report for Taxpayers having a Turnover of more than Rs. 5 crores. 31.03.2021
  •  GST Refund:
Form No. Compliance Particulars Due Date

 

RFD -10 Refund of Tax to Certain Persons 18 Months after the end of quarter for which refund is to be claimed
  • Other Due Dates:
Compliance Particulars Due Date

 

·         Updation of GSTN in Udyam Registration 31.03.2021
·         Opt in GST Composition Scheme 31.03.2021
  •  Key UPDATE(s):
  1.  Advisory on Reconciliation Statement (GSTR-9C )

Reconciliation statement to be filed in Form GSTR-9C requires the tax rate wise declaration of transactions for the concerned financial year. In the said form, tax amount pertaining to tax rates 1%, 1.5% and 7.5% in section III (table 9 and 11) and section V may be made in row/ under label ‘Others’ of the said tables, wherever applicable.

  1. Budget 2021: Govt scraps GST Audit, No Need to file GSTR-9C [Read Finance Bill].

The Union Finance Minister Nirmala Sitharaman while presenting the Budget 2021 today before the Parliament, proposed to omit the requirement of furnishing the GSTR audit report in the form GSTR-9C. The GSTR-9C is a reconciliation statement required to be furnished by a taxpayer whose turnover exceeds Rs.2 crore in a financial year while filing his annual return in form GSTR-9. As per the Finance Bill 2021, “In section 35 of the Central Goods and Services Tax Act,sub-section (5) shall be omitted.”

  1. Sanitiser makers move court over ‘typo’ in GST regulations

Companies that were importing a key raw material used in manufacturing sanitizers and disinfectants have dragged the government to court following inability to avail benefits over an apparent typing error in the Goods and Services Tax (GST) framework.

Importers of ‘denatured ethyl alcohol’, a raw material used in hand sanitizers and disinfectants, have been paying a lower or concessional rate of customs duty, over the years as this was categorized as ‘excisable goods’.

  • GST UPDATES from 01.02.2021 to 28.02.2021:
Sl. No. Notification(s) Notification No. Link(s)
1.

 

Module wise new functionalities deployed on the GST Portal for taxpayers. GSTN Update 444 LINK
2. Auto-population of e-invoice details into GSTR-1 GSTN Update 445 LINK
3. Payment of Tax by Fixed Sum Method under QRMP Scheme GSTN Update 447 LINK
4. Know more about “QRMP scheme and how to furnish details in IFF” GSTN Update 449 LINK
 

5.

Due dates for filing of Form GSTR-3B from the Tax Period of January, 2021 GSTN Update 450 LINK
6 QRMP & IFF-Answers to Frequently Asked Questions GSTN Update 451 LINK
7 Standard Operating Procedure (SOP) for implementation of the provision of suspension of registrations under sub-rule (2A) of rule 21A of CGST Rules, 2017. 145/01/2021-GST LINK
8 Advisory on Reconciliation Statement (GSTR-9C ) GSTN Update 453 LINK
9 Know more about “QRMP scheme and how to furnish details in IFF” and Answers to Frequently Asked Questions GSTN Update 452 LINK
10 Clarification in respect of applicability of Dynamic Quick Response (QR) Code on B2C invoices and compliance of notification 14/2020- Central Tax dated 21st March, 2020 – Reg.  

146/02/2021-GST

LINK
11 Seeks to notify persons to whom provisions of sub-section (6B) or sub-section (6C) of section 25 of CGST Act will not apply. 03/2021- Central Tax dated

23.02.2021

LINK
12 Seeks to extend the time limit for furnishing of the annual return specified under section 44 of CGST Act, 2017 for the financial year 2019-20 till 31.03.2021. 04/2021-Central Tax dated 28.02.2021 LINK

Compliance Calendar for Other Statutory Laws

 Applicable Laws/Acts  Due Dates  Compliance Particulars  Forms / (Filing mode)
EPF (The Employees’ Provident Funds And Miscellaneous Provisions Act, 1952) 15.03.2020 PF Payment ECR
ESIC (Employees’ State Insurance Act, 1948) 15.03.2020 ESIC Payment ESI Challan
Contract Labour (Regulation & Abolition) Act, 1970 Within 15 Days of commencement/ completion of contract work Return/Notice within 15 days of commencement/ completion of each contract by the Principal employer Form VI-B
Payment of Gratuity Rule Within 30 Days of applicability of the Act & any change Notice of applicability of the Act & any change Form A or B
Shops And Establishments Act 31.03.2021 Annual Return Under Shops and Establishments Act – Jharkhand Annual Return
Maharashtra Professional Tax Act 31.03.2021 Monthly Return for February Under Maharashtra Profession Tax, Trade and Ceilings Profession Tax
  • Key Update:
  1. Labour Ministry finalises new job rules under 4 codes, reform to be a reality soon

Parliament had passed four codes on four broad codes on wages, industrial relations, social security and occupational safety health & working conditions (OSH) which would ultimately rationalise 44 central labour laws. The Code on Wages was passed by Parliament in 2019 while the three other codes got clearance from both the Houses in 2020.

The four broad codes on wages, industrial relations, social security and occupational safety, health & working conditions (OSH) have already been notified after getting the President’s assent. But for implementing these four codes, the rules need to be notified.

  1. Labour codes to herald new wave of reforms in 2021; job creation likely to be major challenge

This year has also been a challenging year for the workforce as well as for employers due to the outbreak of the COVID-19 pandemic. The government imposed a nationwide lockdown from March 25, which had an adverse impact on economic activities and resulted in the exodus of migrant workers from large cities to their homes in the hinterland.

The implementation of four labour codes in one go from April 1 next year will usher in a new wave of reforms in industrial relations and also help in attracting more investments but employment generation will remain a key challenge in 2021.

  • Updates TRACKER under Labour LAws – FEB. 2021:
Sl. Particulars Link
1 Nomination of Shri S.N.Subrahmanyan as Chairman of National Safety Council Click here
2 Anuual Colosing for the year 2020-2021 Click here
3 Coverage under CCS(Pension) Rules, 1972 in place of NPS, of those employees, whose selection for appointment was finalized before 01.01.2004 but who joined government service on or before 01.01.2004 Accounting procedure thereof-regarding. Click here
4 Engagement of housekeeping manpower in place of vacant posts of MTS. Click here
5 Amendment in Investment Pattern dated 29th May, 2015 (Exempted Trusts) Click here
6 Internal Committee under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 Click here
7 Deployment of electronic facility at Employer Interface of EPFO’s Unified Portal for Principal Employers to view EPF compliances of their Contractors & contract workers Click here
8 Supply of Information under Right to Information Act, 2005 – Shri Deepak Kumar Click here
9 Transfer of application under Section 6(3) of Right to Information Act, 2005 – Application of Shri Abhay Kolakar Click here
10 Subrahmanyan appointed Chairman of National Safety Council Click here
11 RBI leaves policy rates unchanged, accommodative stance of monetary policy to revive growth and mitigate impact of COVID-19 Click here
12 The Extension Order of Addl. Charge DG(ESIC) to AS(L&E) Click here
 

13

Memorandum- Nomination of Central Liaison Officer for matters relating to the reservation in services for SC/ST/PwD in ESIC Click here
14 Supply of information under Right to Information Act, 2005- Shri Baidyanath Sen Click here
15 Member Profile correction in name father / spouse / gender

HO No. WSU/KYC/Correction process (E-15189)/2874 dated 12/02/2021

Click here
16 EPFO launches electronic facility for PRINCIPAL EMPLOYERS to view EPF compliances of their contractors. Click here
17 Get PPO number using Bank Account Number or PF Number Click here
18 How to check EPF Balance at home? Click here
19 Know how to transfer EPF online Click here
20 Employment Guarantee for Urban Poor Click here
21 Government relaxes norms for family pension to disabled survivors Click here
22 Gangwar to launch Software Applications and release instruction manuals with questionnaire for five All India Surveys tomorrow Click here
23 ESIC beneficiaries to get medical care from nearby ESIC empanelled Hospitals in case of non-availability of ESIC hospital or dispensary within a radius of 10 km. of their residence Click here
24 All-India Consumer Price Index Numbers for Agricultural and Rural Labourers – January, 2021 Click here
25 Payroll data: EPFO adds 12.54 lakh net subscribers in December, 2020 Click here
26 ESIC takes Major Policy Initiatives for better services to Insured Workers/Insured Women  

Click here

Compliances Calendar for FEMA / RBI

Applicable Laws/Acts Due Dates Compliance Particulars Forms / (Filing mode)
FEMA ACT 1999 15 July every year Annual Return on Foreign liabilities and assets.

The FLA return is required to be submitted by the companies who have received Foreign direct investment (FDI) and/or made Foreign direct investment abroad in the previous year(s) including the current year

FLA Return through Flair Portal: Click here
FEMA ACT 1999 Monthly Basis External Commercial Borrowings

Borrowers are required to report all ECB transactions to the RBI on a monthly basis through an AD Category – I Bank in the form of ‘ECB 2 Return’.

ECB 2 Return
FEMA ACT 1999 Not later than 30 days from the date of issue of Capital instrument  

FC-GPR is a form filed when the Indian company receives the Foreign Direct Investment and the company allots shares to a person resident outside India.

Form FC-GPR
FEMA ACT 1999 Within 60 days of receipt/ remittance of funds or transfer of capital instruments whichever is earlier. Reporting of transfer of shares and other eligible securities between residents and non-residents and vice-versa is to be made in Form FC-TRS.

The onus of reporting shall be on the resident transferor/ transferee.

Form FC-TRS.
FEMA ACT 1999 within 30 days from the date of receipt of the amount of consideration. A Limited Liability Partnership receiving amount of consideration and acquisition of profit shares is required to submit a report in the Form FDI LLP-1 Form FDI LLP-I
FEMA ACT 1999 within 60 days from the date of receipt of funds in A Limited liability Partnership shall report disinvestment/ transfer of capital contribution or profit share between a resident and a non resident (or vice versa) Form FDI LLP-II
FEMA ACT 1999 within 30 days from the date of allotment of capital instruments The domestic custodian shall report the issue/ transfer/ of sponsored/ unsponsored depository receipts Downstream statement -Form DI & reporting at FIFP too
  • Procedure for submission of previous year’s FLA return:

In case of submission of FLA returns for previous years, the reporting entity need to take approval from RBI. Visit https://flair.rbi.org.in/fla → Login to FLAIR → Go to “Menu” (upper left corner) → Go to “Multiple Year CIN Enable Screen” → select year 2019 (2018,2017,… 2012,2011). Click “→” then click “Request”. After sending request to RBI through FLA portal, entities need to wait for at least one working day for approval. Entities can check the status of their request in “Multiple Year CIN Enable Screen” under menu on the left corner. Once approved by RBI, the entity can submit FLA return for the requested previous year”.It may be noted that for example if FLA return for 2020 is not submitted then submission of previous year FLA 2019 and prior years, will not be allowed.

  • Important Updates, February-2020:
  1. RBI favors retaining current inflation targeting regime

RBI on 26th February, 2021 has released its report on currency and finance (RCF) for the year 2020-21. The Reserve Bank in a report on currency and finance (RCF) for the year 2020-21 said “the current numerical framework for defining price stability, i.e., an inflation target of 4 per cent with a +/-2 per cent tolerance band, is appropriate for the next five years.”

The report said that the “period of study in this report is from October 2016 to March 2020 commencing with the formal operationalization of the flexible inflation targeting (FIT) framework in India but excluding the period of the COVID-19 pandemic in view of data distortions.”

The retail inflation stood at 4.59 per cent in December 2020 and 7.59 per cent in January 2020. The previous low for retail inflation was in September 2019 at 4 per cent. Read more at: Click here

  1. Indian banks’ loans rose 6.6% y/y in 2 weeks to Feb 12: RBI

Outstanding loans fell ₹1,044 crore ($141.30 million) to ₹107.04 trillion in the two weeks to Feb. 12. Indian banks’ loans rose 6.6% in the two weeks to Feb. 12 from a year earlier, while deposits rose 11.8%, the Reserve Bank of India’s weekly statistical supplement showed on Friday.

  • RBI Circulars / Notifications: February, 2021
 

Sl.

 

Particulars of the Circulars

 

Link

1 Investment by Foreign Portfolio Investors (FPI) in Defaulted Bonds – Relaxations Click Here
2 Prudential Guidelines on Capital Adequacy and Market Discipline – New Capital Adequacy Framework (NCAF) – Eligible Credit Rating Agencies – CRISIL Ratings Limited Click Here
3 Strengthening of Grievance Redress Mechanism in Banks Click here
4 Risk-Based Internal Audit (RBIA) Click Here
5 Loans and advances to directors, their relatives, and firms / concerns in which they are interested Click Here
6 Section 24 of the Banking Regulation Act, 1949 – Maintenance of Statutory Liquidity Ratio (SLR) – Marginal Standing Facility (MSF) – Extension of Relaxation Click Here
7 Credit to MSME Entrepreneurs Click Here
8 Revised Issuance   Calendar   for   Marketable   Dated   Securities   for remaining period of H2 (February – March 2021) Click Here
9 Risk Based Internal Audit (RBIA) in NBFCs/UCBs Click Here
10. Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract Click Here
11. On Tap Targeted Long-Term Repo Operations – Inclusion of NBFCs Click Here
12 Statement on Developmental and Regulatory Policies Click Here
13 Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Kapol Co-operative Bank Ltd. Mumbai, Maharashtra – Extension of Period  Click Here
14 RBI releases framework for strengthening the grievance redress mechanism in banks Click Here
15 FDI limit in Insurance sector increased from 49% to 74% and Foreign Ownership and control allowed with safeguards Click Here
16 Exim Bank’s Government of India supported Line of Credit (LoC) of USD 400 million to the Government of the Republic of Maldives Click Here
17 Investment in NBFCs from FATF non-compliant jurisdictions Click here
18 Financial Literacy Week 2021 Click Here
19 RBI releases Annual Report of Ombudsman Schemes, 2019-20 Click Here
20 Directions under Section 35 A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Independence Co-operative Bank Limited, Nashik Click Here
21 Overseas Direct Investment for January 2021 Click Here
22 Reserve Bank of India – Bulletin Weekly Statistical Supplement – Extract Click Here
23 Conversion/Switch of Government of India (GoI)’s Securities Click Here
24 Remittances to International Financial Services Centres (IFSCs) in India under the Liberalised Remittance Scheme (LRS) Click Here
25 Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 Click here
26 Capital and provisioning requirements for exposures to entities with Unhedged Foreign Currency Exposure Click Here
27 Master Direction on Digital Payment Security Controls Click Here
28 Inclusion of “Fino Payments Bank Limited” in the Second Schedule of the Reserve Bank of India Act, 1934 Click Here
29 RBI releases Draft Reserve Bank of India (Credit Derivatives) Directions, 2021 under Section 45 W of the RBI Act, 1934 Click Here

Compliance Calendar for SEBI – Securities Exchange Board of INDIA

Compliance Requirement under SEBI (Listing Obligations and Disclosure Requirements) (LODR) Regulations, 2015

FILING MODE(s) :

  • For BSE: BSE LISTING CENTRE
  • For NSE: NEAPS Portal
  •  Annual Compliances
 Sl. No.  Regulation No.  Compliance Particular  Compliance Period

(Due Date)

 1  Regulation 34(1) & 36(2) – nnual Report Not later than the day of commencement of dispatch to its shareholders and not less than 21 days before the annual general meeting
2 Annual report in XBRL mode 16 may 2019

BSE CIRCULAR’

https://www.bseindia.com/corporates/Displaydata.aspx?Id=7a3c8414-03fa-4976-8579-db3f8fc8d2bc&Page=cir

 

Filings in respect of Annual Report has to be done by all listed entities in XBRL mode in addition to the currently used PDF mode mandatorily, for periods ending March 31, 2019. Same time limit of Regulation 34
 3. Regulation 34(1)(b) in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting. within 48 hours after AGM
  • Regular / Annual Compliance
REG NO REGULATION NO PARTICULARS TIMELINE
47 Advertisements in Newspapers. 47 (3) Advertisements in Newspapers Financial results at 47 clause (b) of sub-regulation (1), shall be published within 48 hours of conclusion of the meeting of board of directors at which the financial results were approved. 48 HOURS
23 Related party transactions. Reg 23(9) Related party transactions The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year, disclosures of related party transactions on a consolidated basis, in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website 30 days
24A Secretarial Audit. Red 24A Every listed entity and its material unlisted subsidiaries incorporated in India shall undertake secretarial audit and shall annex with its annual report, a secretarial audit report, given by a company secretary in practice, in such form as may be specified with effect from the year ended March 31, 2019. (within 60 days from the Closure of FY) 60 days from the Closure of FY
36 Documents & Information to shareholders. 36(1) The listed entity shall send annual report referred to in sub-regulation 36(1), to the holders of securities, not less than twenty-one days before the annual general meeting 21 days before AGM
46 Website 46(2)(s) The listed entity shall disseminate the following information under a separate section on its website separate audited financial statements of each subsidiary of the listed entity in respect of a relevant financial year, uploaded at least 21 days prior to the date of the annual general meeting which has been called to inter alia consider accounts of that financial year.] 21 days prior 1 days prior to the date of AGM
  • COMPLIANCE ON IMPACT OF COVID 19:Reg 4(2)(e),30,33,51

Advisory on disclosure of material impact of COVID-19 pandemic on listed entities under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015: Link

  • Quarterly compliance which included half year compliance except FR
REG NO REGULATION NO PARTICULARS TIMELINE
Intimation Reg 29 read with Reg 33 intimation regarding item specified in clause 29(1) (a) to be discussed at the meeting of board of directors shall be given at least five days in advance (excluding the date of the intimation and date of the meeting), and such intimation shall include the date of such meeting of board of directors  at least 5 working days in advance, excluding the date of the intimation and date of the meeting
Intimations and Disclosure of events or information to Stock Exchanges. 87B: Intimations and Disclosure of events or information to Stock Exchanges. READ WITH PART E OF Schedule III The listed entity shall first disclose to stock exchange(s) of all events or information, as specified in Part E of Schedule III, as soon as reasonably possible but not later than twenty four hours from occurrence of the event or information: 24 HOURS
Valuation, Rating and NAV disclosure. 87C(1) (iii) An issuer whose security receipts are listed on a stock exchange shall ensure that: the net asset value is calculated on the basis of such independent valuation and the same is declared by the asset reconstruction company within fifteen days of the end of the quarter. 15 Days
  • Event-based Compliances
    30 Disclosure of events or information. 30(6) AND Part A of Schedule III The listed entity shall first disclose to stock exchange(s) of all events, as specified in Part A of Schedule III, or information as soon as reasonably possible and not later than twenty four hours from the occurrence of event or information 24 HOURS
    30 Disclosure of events or information. 30(6) AND sub-para 4 of Para A of Part A of Schedule III The listed entity shall disclose to the Exchange(s), within 30 minutes of the closure of the meeting held to consider the following:
    a) dividends and/or cash bonuses recommended or declared or the decision to pass any dividend and the date on which dividend shall be paid/dispatched;
    b) any cancellation of dividend with reasons thereof;
    c) the decision on buyback of securities;
    d) the decision with respect to fund raising proposed to be undertaken
    e) increase in capital by issue of bonus shares through capitalization including the date on which such bonus shares shall be credited/dispatched;
    f) reissue of forfeited shares or securities, or the issue of shares or securities held in reserve for future issue or the creation in any form or manner of new shares or securities or any other rights, privileges or benefits to subscribe to;
    g) short particulars of any other alterations of capital, including calls;

    h) financial results;

    i) decision on voluntary delisting by the listed entity from stock exchange(s).

    30 MINUTES
    31A: Conditions for re-classification of any person as promoter / public 31A(8) The following events shall deemed to be material events and shall be disclosed by the listed entity to the stock exchanges as soon as reasonably possible and not later than twenty four hours from the occurrence of the event:
    (a) receipt of request for re-classification by the listed entity from the promoter(s) seeking re-classification;
    (b) minutes of the board meeting considering such request which would include the views of the board on the request;
    (c) submission of application for re-classification of status as promoter/public by the listed entity to the stock exchanges;
    (d) decision of the stock exchanges on such application as communicated to the listed entity;
    24 HOURS
    34 Annual Report. 34(1)(b) in the event of any changes to the annual report, the revised copy along with the details of and explanation for the changes shall be sent not later than 48 hours after the annual general meeting.] 48 HOURS
    44 Meetings of shareholders and voting 44(3) The listed entity shall submit to the stock exchange, within forty eight hours of conclusion of its General Meeting, details regarding the voting results in the format specified by the Board. 48 HOURS
    47 Advertisements in Newspapers. 47 (3) Advertisements in Newspapers The listed entity shall publish the information specified in 47(1) in the newspaper simultaneously with the submission of the same to the stock exchange(s). The same is reproduced below
    47(1) (a) notice of meeting of the board of directors where financial results shall be discussed (c )statements of deviation(s) or variation(s) as specified in sub-regulation (1) of regulation 32 on quarterly basis, after review by audit committee and its explanation in directors report in annual report;
    (d) notices given to shareholders by advertisement
    Simultaneously
    SCHEDULE III PART PART A 7(A) resignation of the auditor of the listed entity, detailed reasons for resignation of auditor, as given by the said auditor, shall be disclosed by the listed entities to the stock exchanges as soon as possible but not later than twenty four hours of receipt of such reasons from the auditor 24 HOURS
    SCHEDULE III PART PART A 7(B) In case of resignation of an independent director of the listed entity, within seven days from the date of resignation, the following disclosures shall be made to the stock exchanges by the listed entities:
    i. Detailed reasons for the resignation of independent directors as given by the said director shall be disclosed by the listed entities to the stock exchanges.
    ii. The independent director shall, along with the detailed reasons, also provide a confirmation that there is no other material reasons other than those provided.
    iii. The confirmation as provided by the independent director above shall also be disclosed by the listed entities to the stock exchanges along with the detailed reasons as specified in sub-clause (i) above.]
    7 days from the date of resignation
    7 Share Transfer Agent. Reg 7(4) & (5) Share Transfer Agent. The listed entity shall intimate any change or appointment of a new share transfer agent, to the stock exchange(s) within seven days of entering into the agreement. 7 DAYS
    29 Reg 29(1) The intimation required under 29 (1), shall be given at least two working days in advance, excluding the date of the intimation and date of the meeting Reg 29(1) is reproduced below: (b) proposal for buyback of securities ; (c) proposal for voluntary delisting by the listed entity from the stock exchange(s); (d) fund raising by way of further public offer, rights issue, American Depository Receipts/Global Depository Receipts/Foreign Currency Convertible Bonds, qualified institutions placement, debt issue, preferential issue or any other method and for determination of issue price:
    Provided that intimation shall also be given in case of any annual general meeting or extraordinary general meeting or postal ballot that is proposed to be held for obtaining shareholder approval for further fund raising indicating type of issuance. (e) declaration/ recommendation of dividend, issue of convertible securities including convertible debentures or of debentures carrying a right to subscribe to equity shares or the passing over of dividend. (f) the proposal for declaration of bonus securities where such proposal is communicated to the board of directors of the listed entity as part of the agenda papers:
     at least 2 working days in advance, excluding the date of the intimation and date of the meeting
    31 Holding of specified securities and shareholding pattern. Reg 31 (1)(a) The listed entity shall submit to the stock exchange(s) a statement showing holding of securities and shareholding pattern separately for each class of securities, in the format specified by the Board from time to time –
    one day prior to listing of its securities on the stock exchange(s);
    1 day prior to listing of its securities on the stock exchange(s
    31 Reg 31 (1 (c) within ten days of any capital restructuring of the listed entity resulting in a change exceeding two per cent of the total paid-up share capital: within 10 days of any capital restructuring
    31A Conditions for re-classification of any person as promoter / public Reg 31A an application for re-classification of a promoter/ person belonging to promoter group to public to the stock exchanges has to be made by the listed entity consequent to the following procedures and not later than thirty days from the date of approval by shareholders in general meeting 30 days from the date of approval by shareholders in general meeting
    37 Draft Scheme of Arrangement & Scheme of Arrangement. 37(1) Draft Scheme of Arrangement & Scheme of Arrangement before for obtaining Observation Letter or No-objection letter, before filing such scheme with any Court or Tribunal, in terms of requirements specified by the Board or stock exchange(s) from time to time. Before filling the same with any court or tribunal
    39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities. 39(2) The listed entity shall issue certificates or receipts or advices, as applicable, of subdivision, split, consolidation, renewal, exchanges, endorsements, issuance of duplicates thereof or issuance of new certificates or receipts or advices, as applicable, in cases of loss or old decrepit or worn out certificates or receipts or advices, as applicable within a period of thirty days from the date of such lodgement. 30 Days
    39 Issuance of Certificates or Receipts/Letters/Advices for securities and dealing with unclaimed securities 39(3) The listed entity shall submit information regarding loss of share certificates and issue of the duplicate certificates, to the stock exchange within two days of its getting information. 2 days of its getting information.
    40 Transfer or transmission or transposition of securities. 40 (3) On receipt of proper documentation, the listed entity shall register transfers of its securities in the name of the transferee(s) and issue certificates or receipts or advices, as applicable, of transfers; or issue any valid objection or intimation to the transferee or transferor, as the case may be, within a period of fifteen days from the date of such receipt of request for transfer 15 days
    40 Transfer or transmission or transposition of securities. 40 (3) the listed entity shall ensure that transmission requests are processed for securities held in dematerialized mode within seven days after receipt of the specified documents: 7 Days
    40 Transfer or transmission or transposition of securities. 40 (3) the listed entity shall ensure that transmission requests are processed for securities held in physical mode within twenty one days after receipt of the specified documents: 21 Days
    SCHEDULE VII: TRANSFER OF SECURITIES (PART B (1)) In case of minor differences in the signature of the transferor(s), the listed entity shall follow the following procedure for registering transfer of securities:
    (a) the listed entity shall promptly send to the first transferor(s), via speed post an intimation of the aforesaid defect in the documents and inform the transferor(s) that objection, supported by valid proof, is not lodged by the transferor(s) with the listed entity within fifteen days of receipt of the listed entity’s letter, then the securities shall be transferred
    15 Days
    42 Record Date or Date of closure of transfer books. 42(2) The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to stock exchange(s) of record date specifying the purpose of the record date:  7 working days advance intimation excluding the date of the intimation and date of the meeting
    42 Record Date or Date of closure of transfer books. 42(2) in the case of rights issues, the listed entity shall give notice in advance of atleast three working days (excluding the date of intimation and the record date).]  3 working days advance intimation excluding the date of the intimation and date of the meeting
    42 Record Date or Date of closure of transfer books. 42(3) The listed entity shall recommend or declare all dividend and/or cash bonuses at least five working days (excluding the date of intimation and the record date) before the record date fixed for the purpose.  5 working days advance intimation excluding the date of the intimation and date of the meeting
    46 Website 46 (3)(b) The listed entity shall update any change in the content of its website within two working days from the date of such change in content.  2 working days
    50 Intimation to stock exchange(s). 50(1) The listed entity shall give prior intimation to the stock exchange(s) at least eleven working days before the date on and from which the interest on debentures and bonds, and redemption amount of redeemable shares or of debentures and bonds shall be payable. 11 working days
    50 Intimation to stock exchange(s). 50(3) The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of directors, at which the recommendation or declaration of issue of non convertible debt securities or any other matter affecting the rights or interests of holders of non convertible debt securities or non convertible redeemable preference shares is proposed to be considered.  2 working days advance intimation excluding the date of the intimation and date of the meeting
    52 Financial Results. 52 (4) & (5) The listed entity shall, within seven working days from the date of submission of the information required under sub- regulation (4), submit to stock exchange(s), a certificate signed by debenture trustee that it has taken note of the contents  7 working days
    52 Financial Results. 52 (4) & (8) The listed entity shall, within two calendar days of the conclusion of the meeting of the board of directors, publish the financial results and statement referred to in reg 52 (4), in at least one English national daily newspaper circulating in the whole or substantially the whole of India. two calendar days of the conclusion of the meeting
    57 Other submissions to stock exchange(s). 57(1) The listed entity shall submit a certificate to the stock exchange within two days of the interest or principal or both becoming due that it has made timely payment of interests or principal obligations or both in respect of the non convertible debt securities within 2 days
    60 Record Date 60(2) The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the stock exchange(s) may agree to or require specifying the purpose of the record date.  7 working days advance intimation excluding the date of the intimation and date of the meeting
    78 Record Date. 78(2) The listed entity shall give notice in advance of at least four working days to the recognised stock exchange(s) of record date specifying the purpose of the record date notice in advance of at least 4 working days
    82 Intimation and filings with stock exchange(s). 82(2) The listed entity shall intimate to the stock exchange(s), at least two working days in advance, excluding the date of the intimation and date of the meeting, regarding the meeting of its board of trustees, at which the recommendation or declaration of issue of securitized debt instruments or any other matter affecting the rights or interests of holders of securitized debt instruments is proposed to be considered.  2 working days in advance, excluding the date of the intimation and date of the meeting,
    82 Intimation and filings with stock exchange(s). 82(3) The listed entity shall submit such statements, reports or information including financial information pertaining to Schemes to stock exchange within seven days from the end of the month/ actual payment date, either by itself or through the servicer, on a monthly basis in the format as specified by the Board from time to time:
    Provided that where periodicity of the receivables is not monthly, reporting shall be made for the relevant periods.
    within 7 days
    87 Record Date. 87(2) The listed entity shall give notice in advance of atleast seven working days (excluding the date of intimation and the record date) to the recognised stock exchange(s) of the record date or of as many days as the Stock Exchange may agree to or require specifying the purpose of the record date  7 working days advance intimation excluding the date of the intimation and date of the meeting
    87E Record Date. 87E(2) The listed entity shall give notice in advance of at least seven working days (excluding the date of intimation and the record date) to the stock exchange(s) of the record date or of as many days as the stock exchange may agree to or require specifying the purpose of the record date.  7 working days advance intimation excluding the date of the intimation and date of the meeting

SYSTEM DRIVEN DISCLOSURE

FOR SAST AND PIT REG: Listed entities shall follow System Driven Disclosure by designating 1 Depository as Designated Depository and uploading the Formation of promoter. Promoter Group ,Designated Person, Directors, Employees not below 2 level (till 30/09/2020)

The Key Summary of System Driven Disclosure of Sep 9, 2020 (Link) is reproduced below:

“→. Listed company shall provide the information including PAN number of Promoter(s) including member(s) of the promoter group, designated person(s) and director(s) (hereinafter collectively referred to as entities) as per PIT Regulations to the designated depository (selected in terms of SEBI circular ref. no. SEBI/HO/CFD/DCR1/CIR/P/2018/85 dated May 28, 2018) in the format and manner prescribed by the Depositories. For PAN exempt entities, the Investor’s Demat account number(s) shall be specified by the listed company. The information shall be provided within 10 days from the date of this circular.

→. The designated depository shall share the information received from the listed company with other depository.

→. In case of any subsequent update in the details of the entities, the listed company shall update the information with the designated depository on the same day. The designated depository shall share the incremental changes with the other depository on the day of receipt from the listed company.”

Below is summary of circulars issued in this regards.

Date Title
Sep 23, 2020 System-Driven Disclosures (SDD) under SEBI (SAST) Regulations, 2011
Sep 09, 2020 Automation of Continual Disclosures under Regulation 7(2) of SEBI (Prohibition of Insider Trading) Regulations, 2015 – System driven disclosures
May 28, 2018 System-driven Disclosures in Securities Market
Dec 21, 2016 System-driven disclosures in Securities Market
Dec 01, 2015 Introduction of system-driven disclosures in Securities Market

SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011

Securities and Exchange Board of India (SEBI) vide notification / Circular No. SEBI/HO/CFD/DCR1/CIR/P/2020/49 issued and publish dated 27th March 2020, has published Relaxation from compliance with certain provisions of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 due to the COVID-19 pandemic.”.

 

Sl. No.

 

Regulation No.

 

Compliance Particular

Compliance Period

(Due Date)

 1  Regulation 30(1) Every person, who together with persons acting in concert with him, holds shares or voting rights entitling him to exercise 25% or more of the voting rights in a target company, shall disclose their aggregate shareholding and voting rights as of the 31st day of March, in such target company in such form as may be specified.

 

The disclosures required under sub-regulation (1) and sub-regulation (2) shall be made within seven working days from the end of each financial year to;

  • every stock exchange where the shares of the target company are listed; and
  • the target company at its registered office
 2 Regulation 30(2) The promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the thirty-first day of March, in such target company in such form as may

 

 

 

 

 

3.

Regulation 31(1) read with Regulation 28(3) of Takeover Regulations

AUGUST 7, 2019 CIRCULAR

https://www.sebi.gov.in/legal/circulars/aug-2019/disclosure-of-reasons-for-encumbrance-by-promoter-of-listed-companies_43837.html

The promoter of every listed company shall specifically disclose detailed reasons for encumbrance if the combined encumbrance by the promoter along with PACs with him equals or exceeds: a) 50% of their shareholding in the company; or b) 20% of the total share capital of the company, within 2 (two) working days
4. Regulation 31(4) Disclosure of encumbered shares Promoter of every target company shall together with persons acting in concert with him, disclose their aggregate shareholding and voting rights as of the 31st March, in such target company in such form as may be specified

SEBI (Prohibition of Insider Trading) Regulations, 2015

 

Sl. No.

 

Regulation No.

 

Compliance Particular

Compliance Period

(Due Date)

 

 

 

 

 

 

1

 

 

 

 

Regulation 7(2)

“Continual Disclosures”

Every promoter, employee and director of every company shall disclose to the company the number of such securities acquired or disposed of within two trading days of such transaction if the value of the securities traded, whether in one transaction or a series of transactions over any calendar quarter, aggregates to a traded value in excess of ten lakh rupees (10,00,000/-) or such other value as may be specified; Every company shall notify; within two trading days of receipt of the disclosure or from becoming aware of such information

SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

1 Schedule XIX – Para (2) of ICDR

Read with Reg 108 of SEBI LODR

“The issuer shall make an application for listing from the date of allotment, within such period as may be specified by the Board from time to time, to one or more recognized stock exchange(s)”.

In regard to above, it is specified that Issuer shall make an application to the exchange/s for listing in case of further issue of equity shares from the

date of allotment within 20 days (unless otherwise specified).

Within 20 days from the date of allotment

 

2 Regulation 162 The tenure of the convertible securities of the issuer shall not exceed eighteen months from the date of their allotment. Within 18 months from date of allotment
3 SEBI CIRCULAR

Aug 19, 2019

https://www.sebi.gov.in/legal/circulars/aug-2019/non-compliance-with-certain-provisions-of-sebi-issue-of-capital-and-disclosure-requirements-regulations-2018-icdr-regulations-_43941.html

Application for trading approval to the stock exchange Listed entities shall make an application for trading approval to the stock exchange/s within 7 working days from the date of grant of listing approval by the stock exchange/s. Within 7 working days from grant of date of listing approval
4 Regulation 76

Application for rights issue

The issuer along with lead managers and other parties related to the issue shall constitute an optional mechanism (non-cash mode only) to accept the applications of the shareholders to apply to rights issue subject to ensuring that no third-party payments shall be allowed in respect of any application
5. Regulation 77

Service of Documents

In case if the company fails to adhere to modes of dispatch through registered post or speed post or courier services due to Covid-19 conditions it will not be treated as non-compliance during the said period. The issuers shall publish required & necessary documents on the websites of the company, registrar, stock exchanges and the lead managers to the rights issue
6 Regulation 84

 

Advertisement

Issuer has the flexibility to publish the advertisement in additional newspapers above those required in Regulation 84. The advertisement should also be made available on:

A. Website of the Issuer, Registrar, Lead Managers, and Stock Exchanges.

B. Television channels, radio, the internet, etc. to spread information related to the process.

SEBI (Buyback of Securities) Regulations, 2018 (Buyback Regulations)

 

Sl. No.

 

Regulation No.

 

Compliance Particular

 

Compliance Period

(Due Date)

 

1 Regulation 11 and 24(iv) Extinguishment of equity shares in connection with Buyback The particulars of the security certificates extinguished and destroyed shall be furnished by the company to the stock exchanges where the shares or other specified securities of the company are listed within seven days of extinguishment and destruction of the certificates 7 days of extinguishment and destruction of the certificates
 2 Regulation 24(i) (f) Minimum time between buyback and raising of funds Temporary relaxation in the period of restriction

provided in Regulation 24(i)(f) from “one year” to “six months”

Applicable up to December 31, 2020 only

SEBI (Depositories and Participants) Regulations 2018)

 

Sl. No.

 Compliance Particulars  Due Date
 1. Regulation 76  (Quarter, Oct – Dec 2020)

Reconciliation of Shares and Capital Audit

30.01.2021
 2. Regulation 74 (5): Processing of demat requests form by Issuer/RTAs – Certificate Received from Registrar Within 15 days of receipt of the certificate of security

SEBI RELAXATIONS FOR PREFERENTIAL ISSUES MATTERS

Securities Exchange Board of India (SEBI) vide Press Release no. PR No.35/2020 dated 23rd June, 2020 has come out with Relaxations for Listed Companies having stressed assets aimed at helping stressed companies raise capital through timely financial intervention, at the same time protecting the interest of shareholders.

Relaxations are divided into two main parts:

  • Relaxations in the pricing methodology for preferential issues
  • exempt allottees of preferential issues from open offer obligations

What are the relaxations:

Pricing of their preferential allotments

 

Exempted from making an open offer
not less than the average of the weekly high and low of the volume-weighted average prices of the related equity shares during the two weeks preceding the relevant date. if the acquisition is beyond the prescribed threshold or if the open offer is warranted due to change in control, in terms of Takeover Regulations.

Read full at : Click here

  • SEBI Circulars Tracker: 01.02.2021 to 28.02.2021
Sl. Particulars Link
1 Buybacks-       GAIL (India) Limited – Draft Letter of offer Click here
2 Mutual Funds- Invesco India ESG Equity Fund Click here
3 Order- Adjudication Order in respect of Mausumi Pyne in the matter of Pincon Lifestyle Ltd. Click Here
4 Circular on Revision of Monthly Cumulative Report Click Here
 

5

Recovery Proceedings – Order No. 190 of 2021 – Order in the matter of Pancard Clubs Ltd.- Objections filed by CFM Asset Reconstruction Private Limited as per direction of Hon’ble SAT in Appeal No. 408 of 2019  

Click Here

6. Order – Order under Section 15-I (3) of SEBI Act, 1992 in the matter of Castor Seeds Contract at NCDEX Click Here
7. Public Issues- Addendum to          DRHP of         Barbeque Nation  Hospitality Limited  

Click Here

8. Setting up of Limited Purpose Clearing Corporation (LPCC) by Asset Management Companies (AMCs) of Mutual Funds Click Here
9. Revised Framework for Innovation Sandbox Click Here
10. SEBI Bulletin – January 2021 [MSWord] [MSExcel] Click Here
11. Framework for Innovation Sandbox Click Here
12. Mutual Funds – Nippon India S & P Europe 350 Index fund Click Here
13. Takeovers – Modern Convertors Limited Click Here
14. Securities and Exchange Board of India (Mutual Funds) (Amendment) Regulations, 2021 Click Here
15. Informal guidance request of Beacon Trusteeship Limited under SEBI (Issue ad Listing of Securitised Debt Instruments and Security Receipts) Regulations, 2008 Click Here
16. Master Circular for Depositories Click Here
17 Informal Guidance sought by Sundaram Alternate Assets Limited in connection with SEBI (Investment Advisers) Regulations, 2013 and SEBI (Portfolio Managers) Regulations, 2020.  

Click Here

18 Summary Settlement Order in respect of Mr. Deepak Parekh the matter of non-compliance with the erstwhile Listing Agreement Click Here
19 Adjudication Order in respect of Rikhav Securities Ltd in the matter of Birla Medspa Limited Click Here
20 Buybacks-      National Aluminium Company Limited – Draft Letter of Offer  

Click here

21 Notice For Meeting on Schemes Click here
22 Orders- Adjudication Order in respect of 12 entities in the matter of Shri Ram Real Estate and Business Solutions Limited.  

Click Here

23 Informal Guidance – In the matter of KCP Ltd. under SEBI (Prohibition of Insider Trading) Regulations, 2015  

Click Here

24 Revised disclosure formats under Regulation 7 of SEBI (Prohibition of Insider Trading) Regulations, 2015  

Click Here

25 REIT Issues – Brookfield India Real Estate Trust Click Here
26 Mutual Funds – Axis Fixed Term Plan – Series 109 – 111 Click Here
27 Annual Report 2019-20 [Hindi] Click Here
28 Takeover- Magma Fincorp Click Here
29 Notice For Meeting on Schemes – Notice convening meeting of Unsecured Creditors – Scheme of Amalgamation and Merger of Sun Pharma Global FZE (“Transferor Company”) with Sun Pharmaceutical Industries Limited (“Transferee Company”)  

Click Here

30 Reports –        Extension of timeline for submission of public comments on “Introduction of provisions relating to appointment / re-appointment of persons who fail to get elected as Whole-time directors / Managing Directors at the general meeting of a listed entity”  

Click Here

31 The Securities and Exchange Board of India (Mutual Funds)

(Amendment) Regulations, 2021.

 

Click Here

32 Amendments for enabling FPIs to subscribe to listed debt securities of REITs and InvITs Click Here
33 Informal Guidelines: In the matter of PPAP Automotive Limted – Informal guidance under regulation 10(1)(d)(iii) of SEBI (Substantial Acquisition of Shares and Takeover) Regulations, 2011  

Click here

34 Public Issue: PARTY CRUISERS LIMITED Click here
35 Press Releases – Union Finance Minister addresses Board of SEBI Click Here
36 Press Releases – SEBI Board Meeting Click Here
37 Orders – Adjudication Order in respect of Priti Devi in the matter of Dealing in Illiquid Stock Options at BSE  

Click Here

38 Buybacks –     Engineers India Limited – Post Buyback Announcement  

Click Here

39 Processing Status – Processing status – Scheme of Arrangement. Click Here
40 Mutual Funds – Axis All Seasons Equity Fund of Fund Click Here
41 Recovery Proceedings- Release Order _Certificate No 2828_AP No 5828 & 5831 of 2020_in respect of Kamala Kant Gupta  

Click Here

42 Unserved Summons / Notices – In the matter of Specialty paper Ltd.  

Click Here

43 Takeovers – Constronics Infra Limited Click Here
44 Pre-Expiry Margin on commodities under Alternate Risk Management Framework  

Click Here

45 Notice For Meeting on Schemes – Notice of the meeting of the equity shareholders, Secured Creditors and Unsecured Creditors of Mangalam Timber Products Limited  

Click Here

46 Speeches – Chairman’s speech dated February 24, 2021 on “India’s Corporate Bond Market: Bonds that build a nation” at the CRISIL 6th Bond Market Seminar  

Click Here

47 Extension of facility for conducting meeting(s) of unitholders of REITs and InvITs through Video Conferencing (VC) or through other audio-visual means (OAVM)  

Click Here

48 Trading halt at NSE on February 24, 2021 Click Here
49 Chairman’s speech dated February 25, 2021 on ‘Behavior of Securities Market- Sighting of Black Swan’ at SEBI-NISM Conference  

Click Here

  •  List of BSE Circulars – FEBRUARY, 2020:
Circulars Date
Extension of facility for conducting meeting(s) of unitholders of REITs and InvITs through Video Conferencing (VC) or through other audio-visual means (OAVM) February 27, 2021
Revised disclosure formats under Regulation 7 of SEBI (Prohibition of Insider Trading) Regulations, 2015 February 9, 2021

Compliance Requirement UNDER Companies Act, 2013 and Rules made thereunder;

 Applicable Laws/Acts  Due Dates  Compliance Particulars  Forms / Filing mode
 

Companies Act, 2013

 

Within 180 Days From The Date Of Incorporation Of The Company As per Section 10 A (Commencement of Business) of the Companies Act, 2013, inserted vide the Companies (Amendment) Ordinance, 2018 w.e.f. 2nd November, 2018, a Company Incorporated after the ordinance and having share capital shall not commence its business or exercise any borrowing powers unless a declaration is filed by the Director within 180 days from the date of Incorporation of the Company with the ROC. MCA E- Form INC 20A

(one time compliance)

 

 

Companies Act, 2013

 

First declaration within 90 days from the date of notification Dt. 08.02.2019

 

 

A person having Significant beneficial owner shall file a declaration to the reporting company

http://www.mca.gov.in/Ministry/pdf/CompaniesOwnersAmendmentRules_08020219.pdf

i.e. within 90 days of the commencement of the Companies (Significant Beneficial Owners) Amendment Rules, 2019 i.e. 08.02.2019

 

In case Subsequent Acquisition of the title of Significant Beneficial Owner / Any Change therein a declaration in Form No. BEN-1 required to be filed to the reporting company, within 30 days of acquiring such significant beneficial ownership or any change therein.

 

Form BEN-1

Draft Format available at

LINK

Companies Act, 2013

 

within 30 days of acquiring beneficial interest  

Filing of form BEN-2 under the Companies (Significant Beneficial Owners) Rules, 2018.

(the date of receipt of declaration in BEN-1 )

CLICK HERE

 

Form BEN – 2

(e-form deployed by Ministry (ROC)) on 01.07.2019

Companies Act, 2013

 

One time Compliance Filing of the particulars of the Company & its registered office.

(by every company incorporated on or before the 31.12.2017.)

Due date extended- Link :

CLICK HERE

 

 

Active Form

INC -22A

Companies Act, 2013

 

Annual Compliance *DIN KYC through DIR 3 KYC Form is an Annual Exercise.

Last date for filing DIR-3 KYC for Financial year 2019-20 was  extended till 31st December, 2020

CLICK HERE

 

CLICK HERE

Annual Exercise:

CLICK HERE

Penalty after due date is Rs. 5000/-(one time)

 

E-Form DIR – 3 KYC

(Web Based and E-form)

 

Companies Act, 2013 Within 270 days from the date of deployment of this Form Annual Return To Be Filed By Auditor With The National Financial Reporting Authority

CLICK HERE

 

CLICK HERE

 

Click Here

Note on NFRA -2 Click Here

NFRA-2

(NFRA-2 e-Form live since 9th December 2019.)

Companies Act, 2013 Within 30 days of the board meeting Filing of resolutions with the ROC regarding Board Report and Annual Accounts. The details of the resolutions passed should be filed. MGT-14

(Filing of resolution with MCA)

  • Due dates of ROC Annual Return Filings:
Sl. No. Particulars Due Date E- Form
 

1

 

Appointment of Auditor

 

Within 15 days from the conclusion of AGM (ratification at every annual general meeting is not mandatory)

 

 

ADT-1

 

 

 

 

2

 

Filing of financial statement and other documents with the ROC

With in 30 days from the conclusion of the AGM, other than OPC (In case of OPC within 180 days from the close of the financial year)

Extension Link: Click here

Penalty after due date is Rs. 100 Per day till the date default continues

AOC-4

(due date extended till 15.02.2021)

 

3

Filing of annual return by a company.  

Within 60 days from the conclusion of AGM

Penalty after due date is Rs. 100 Per day till the date default continues

 

MGT-7

 

4

Filing of Cost Audit Report with the Central Government With in 30 days from the receipt of Cost Audit Report

Extension notification: Click here

 

CRA-4

  • KEY UPDATES:
    • Impact of Union Budget 2021 on Company Law and LLP Law Provisions
  1. Decriminalization of Companies Act, 2013 is completed
  2. FM proposed decriminalization of the Limited Liability Partnership (LLP) Act, 2008.
  3. Small Companies definition revised :
  4. a) Paid-up capital from “not exceeding `50 Lakh” to “not exceeding `2 Crore”

and (+)

b) turnover from “not exceeding `2 Crore” to “not exceeding `20 Crore”

    • Benefits to OPC’s
    • incentivize the incorporation of One Person Companies (OPCs)
    • allowing OPCs to grow without any restrictions on paid up capital and turnover
    • allowing conversion of OPC’s into any other type of company at any time
    • reducing the residency limit for an Indian citizen to set up an OPC from 182 days to 120 days
    • allow Non Resident Indians (NRIs) to incorporate OPCs in India.
  • Important Updates
  • MCA Monthly UPdate Calendar: February, 2021
 Sl.  Particulars of the Circulars  Link
1 New ‘Extend’ functionality shall be introduced as part of SPICe+ Part A in line with Rule 9A ‘Extension of reservation of name in certain cases’ of the Companies (Incorporation) Third Amendment Rules, 2020 with effect from 26th January 2021.  Click Here
2 Relaxation of additional fee in filing all AOC-4 e-forms Click Here
3 Companies         (compromises,        arrangements and amalgamations)   Amendment Rules 2021 Click Here
4 Companies (Specification of Definition details) Amendment Rules 2021 Click Here
5. Companies (Incorporation) 2nd Amendment Rules 2021 Click Here
6. Notification of under section 67 of LLP dt 30.01.2020 Click Here
7 MCA21 Version 3.0 to be launched in Fiscal 2021-22 Click Here
8 MCA initiates process of De-criminalisation of compoundable offences under Limited Liability Act, 2008 Click Here
9 MCA revises threshold for paid up capital and turnover for Small Companies Click Here
10  MCA amends One Person Companies (OPCs) rules Click Here
11 The Companies (Share Capital and Debentures) Amendment Rules, 2021 Click Here
12 The Producer Companies Rules, 2021 Click Here
13 Sections notified- the Companies (Amendment) Act, 2020 Click Here
14 Amendments in the notification of the Government of India, Ministry of Corporate Affairs number S.O. 1935 (E), dated the 1st June, 2016 Click Here
15 The Companies (Incorporation) Second Amendment Rules, 2021 Click Here
16 Call for Research Proposals under “Funding Research and Studies, Workshops and Conference, Etc.” under the plan scheme “Corporate Data Management” Click Here
17 Stakeholders are hereby informed that the Central Government, in Ministry of Corporate Affairs, under section 67(1) of LLP Act, 2008 will be extending Sub- sections (1) to (11) of section 90, Sub- sections (1) and (2) of section 164 , Sub-sections (1) and (3) to (6) of section 165, Sub-section (1) to (3) of section 167, Sub-section (5) of section 206, sub-section (3) of section 207, Sub-sections (1) to (3) of section 252 and Sub-sections (1) to (4) of Section 439 of the Companies Act, 2013 to limited liability Partnerships with modification and adaptation soon.

Accordingly, limited liability Partnerships, Partners and Designated partners thereof are advised to take note of the same for appropriate action.

 

Click Here

18 The Companies (Specification of definitions details) Second Amendment Rules, 2021 Click Here
19 15 States complete ease of doing business reforms Click Here
20 Press release on MCA signing Data Exchange MoU with CBIC on 25th February, 2021 Click Here

IBBI Updates {Insolvency and Bankruptcy Board of India}

  •  Budget Allcation for IBBI

 As per the Budget document, the Insolvency and Bankruptcy Board of India (IBBI) has been allocated Rs 39 crore.

  •  Important Notifications and Circulars Tracker (December, 2020)
Sl. Notification(s) Link(s)
1. Chapter 4 of Economic Survey 2020-21 Vol. II : Monetary Management and Financial Intermediation  

Click Here

2. RFP for Administration of Online Limited Insolvency Examination Click Here
 

3

In the matter of Phoenix Arc Private Limited Vs. Spade Financial Services Limited & Ors. (Civil Appeal No. 2842 of 2020 with 3063 of 2020) Click Here
 

4

Circular – Providing copy of application to the Board, as mandated under Rule 9 of the Insolvency and Bankruptcy (Application to Adjudicating Authority for Insolvency Resolution Process for Personal Guarantors to Corporate Debtors) Rules, 2019.  

Click Here

5 In the matter of Mr. Vijaykumar V Iyer, Insolvency Professional Click Here
 

6

Summary – Judgment dated 1st February, 2021 of the Hon’ble Supreme Court of India in the matter of Phoenix Arc Private Limited Vs. Spade Financial Services Limited & Ors. [Civil Appeal No. 2842 of 2020 with Civil Appeal No. 3063 of 2020]  

Click Here

 

7

The Insolvency and Bankruptcy Board of India organises a Workshop on “Committee of Creditors: An Institution of Public Trust” Click Here
8 In the matter of Phoenix ARC Pvt. Ltd. Vs. Ketulbhai Ramubhai Patel Civil Appeal No. 5146 of 2019 Click Here
9 In the matter of Mr. Sagar Dattatray Goge, Registered Valuer Click Here
10 In the matter of Ramesh Kymal Vs. M/s Siemens Gamesa Renewable Power Pvt Ltd., Civil Appeal No. 4050 of 2020  

Click Here

11 The Insolvency and Bankruptcy Board of India organises a Workshop on “Committee of Creditors: An Institution of Public Trust” Click Here
12 Corrigendum: RFP for Administration of Online Limited Insolvency Examination  

Click Here

13 IBBI organises training on insolvency for Indian Economic Service Officers Click Here
14 Order: Physical hearing by NCLT Benches w.e.f. 01.03.2021 Click Here

MSME (Ministry of Micro, Small and Medium Enterprises)

  1. MSME sector is the key to unlock India’s economic growth

As part of the ET India Inc Boardroom series, panelists from the MSME sector were of the opinion that there is rapid growth of the online ecosystem and India has made significant infrastructure investments which will yield results in the time to come.

The MSME sector in India is one of many contradictions. On the one hand, it has access to the best technologies, but on the other, lack of technology keeps companies from reaching markets and achieving the scale they are capable of. While there are specialized agencies offering access to affordable finance, often, the lack of timely funding makes finance inaccessible and expensive.

  1. MSME credit up on Govt guarantee

The highest year-on-year growth of 9% was seen in the category of small businesses with a loan exposure of between Rs 10 lakh to Rs 50 lakh.

According to TransUnion Cibil, the stimulus package announced by the government through ECLGS has helped credit demand and supply bounce back to pre-Covid levels.

According to TransUnion Cibil’s report, credit to small businesses grew twice as fast as advances to large borrowers. “The on-balance sheet commercial lending exposure in India stood at Rs 71.3 lakh crore in September 2020 with year-on-year growth of 2.1%. MSME segment’s credit exposure is Rs 19 lakh crore, showing year on year growth of 5.7% and this credit growth is observed across all the sub-segments of MSME lending.

  • Key Updates – for the month of February – 2021.
Sl. Particulars Link
1 Skill Development fund and employment opportunities Click here
2 People Patronize Monpa Handmade Paper of Tawang after PM’s push in Mann ki Baat Click Here
3 Budget 2021 lays the foundation for building an ‘Aatmanirbhar Bharat’ – Dr. MahendraNath Pandey Click Here
4 KVIC Distrubutes Charkha, Looms, Garment Machines to 2250 Artisans in West Bengal to Boost Local Employment Click Here
5 KVIC revives Assam’ oldest Khadi Institution vandalized by Bodo insurgents 30 years ago Click Here
6 Allocated funds for imparting of skill development training to the unemployed youth in the country  

Click here

7 Coir Industry Set to Cross A New High in Fortunes Even Amidst Covid-19  

Click Here

8 SANKALP – To promote inclusive growth and strengthen District Skill Committees  

Click Here

9 Highlights of Budget 2021-22 for MSME Sector Click Here
10 Impact of Budget 2021-22 on MSME Sector, with regard to Enhancing Competitiveness of MSME Products.  

Click Here

11 Big Boost to “Aatmanirbhar Bharat” & “Waste to Wealth”; Shri Nitin Gadkari Inaugurated Agabatti Stick Making Unit in Assam  

Click here

12 MSME sector is the key to unlock India’s economic growth Click Here
13 MSME credit up on Govt guarantee Click Here
14 New scheme for service exports with max sops for MSMEs proposed Click Here
15 Rs 15,700 cr provided for MSME sector in Union Budget Click Here

Competition Commission of India

Sl. Particulars Link
1 CCI approves acquisition of Indo Gulf Fertilisers by Indorama India

Private Limited.

Click here
2 CCI approves acquisition of Indo Gulf Fertilisers by Indorama India Private Limited (IIPL) under Section 31(1) of the Competition Act, 2002PDF file that opens in new window. To know how to open PDF file refer Help section located at bottom of the site.  

Click here

3 Competition Commission dismisses complaint against Google Click here
4 328 appeals have been filed before NCLAT from decisions of CCI  

Click here

5 CCI approves subscription to securities of Ecom Express Private Limited by CDC Group plc. Click here
6 CCI approves acquisition by Bank of India (BOI) of BOI AXA Investment Managers Private Limited and BOI AXA Trustee Services Private Limited  

Click here

7 CCI approves acquisition by Siemens Healthineers Holding I Gmb (SHS GmbH) of Varian Medical Systems, Inc. (Varian)  

Click here

8 CCI approves acquisition of API Holdings Private Limited equity shareholding by CDPQ Private Equity Asia Pte. Ltd.  

Click here

9 CCI approves acquisition of Tata Communications Limited by Panatone Finvest Limited  

Click Here

10 CCI approves various acquisition proposals by PGP Glass Private Limited  

Click Here

————————————————————————————————————-

This article is updated till 28th February, 2021 with all Laws / Regulations and their respective amendments.                                    

———————————————-THE END—————————————————-


Disclaimer: Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of this information.

CS Lalit Rajput TaxClue
CS Lalit Rajputhttp://enlightengovernance.blogspot.com/
Company Secretary having 5 years of post-qualification experience in the Compliance Management Services industry by serving Corporates including Listed Companies, Corporate Secretarial Firms, and LLP.

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